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The Minnesota Office of the Secretary of State reminds limited liability companies about Chapter 322C implementation on January 1, 2018. All LLCs formed prior to August 1, 2015, are automatically subject to Chapter 322C on that date.
This new law makes significant changes to governance and management of LLCs, operating agreements and more. Therefore, the OSS strongly recommends that LLCs consult with their attorneys, accountants or other business advisors before year's end. LLCs should review their articles of organization, by-laws and other governing documents.
Learn More About Corporate Compliance for Limited Liability Companies
Click here to read the full notice from the OSS, which includes a memorandum summarizing the changes resulting from Chapter 322C implementation. You can also contact ILSA's Corporate Compliance Team for more information about keeping your LLC in compliance in Minnesota and nationwide.